February 20, 2024
Building contractors should consider shopping for new insurance rates at several key times to ensure they are getting the best coverage for their needs at the most competitive prices. Here are some ideal times to start looking for new insurance rates:
The most obvious time to shop for new insurance rates is before the current policy expires. It's advisable to start looking for quotes at least 30-60 days before the renewal date. This gives you ample time to compare options and make an informed decision without rushing.
Another great time to shop around is when there have been significant changes in your business, such as expansion, reduction, new types of projects, or changes in the services offered, it's a good time to review your insurance needs. Changes in business operations can affect the types and levels of risk your business faces, which can impact your insurance requirements.
Many people think that the worst time to start looking is after a claim, however, it's wise to reassess your insurance coverage and premiums. Sometimes, the current insurer may increase your premiums or change your coverage terms based on the claim history. Shopping around might help you find better rates or more favorable terms.
If You're Not Satisfied with Current Insurer, that too is a great time to start looking around. If you're experiencing poor customer service, lack of coverage options, or high premiums with your current insurer, it's a good reason to look for alternatives. Dissatisfaction with your insurer's service or coverage is a clear signal to start shopping for new rates.
Changes in laws or regulations affecting the construction industry or insurance sector can also impact your insurance needs. Stay informed about relevant regulatory changes and assess your insurance coverage accordingly.
Annually, as a Best Practice. Even if none of the above changes occur, it's a good practice to review your insurance policies annually. This ensures that your coverage continues to meet your business needs and allows you to compare current rates with the market to ensure you're not overpaying.
Starting the process early gives you the time to carefully evaluate your options, negotiate with insurers, and make the necessary adjustments to your coverage without the pressure of an impending renewal deadline. It's also a good idea to work with an insurance broker or agent like Hudson Valley Agents who specializes in construction or contractor insurance, as they can provide valuable advice and help you find the best rates and coverage for your specific needs. Maybe check us out for a free rate quote by clicking on this link: Business Insurance Inquiry or call us at 845-7778-2141 for a free consultation.